Temasek leads the funding cycle of the crypto trading platform

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The fundraiser values ​​FTX at $ 25 billion, a 38.8% increase from July, when the company raised $ 900 million to $ 18 billion.

Crypto billionaire Sam Bankman-Fried’s FTX has raised $ 420.69 million in a Series B1 funding round led by Singaporean state investor Temasek.

According to an announcement Thursday, 69 investors have participated in this round, including funds and accounts managed by BlackRock, the Ontario Teachers’ Pension Plan Board, through its Teacher Innovation Platform. , Sequoia Capital, Sea Capital, IVP, ICONIQ Growth, Tiger Global, Ribbit Capital and Lightspeed Venture Partners.

More offers

“We plan to make strategic investments designed to grow the business and expand our regulatory coverage,” said Ramnik Arora, chief product officer at FTX, in the statement, adding that the platform would explore adjacent market opportunities, including stocks, prediction markets, NFTs and video game partnerships.

FTX’s user base has grown 48% in the past three months, with average transaction volume rising 75% to around $ 14 billion per day in daily volume, the company said.

New head office

Before founding Alameda and then FTX, Bankman-Fried, 29, was a trader at the international ETF desk of Jane Street Capital. He has traded a variety of ETFs, futures, currencies and stocks, and designed their automated OTC trading system.

FTX recently announced that it is moving its headquarters from Hong Kong to the Bahamas, citing the island nation’s more favorable regulations towards cryptocurrencies.

The company’s US subsidiary also acquired digital currency futures and options and a LedgerX clearinghouse, and recently launched a global NFT market, FTX NFT.

Sam Bankman-Fried is a speaker at the Singapore Fintech Festival 2021, of which finews.asia is an official media partner. Registration and details of the event, which will take place from November 8 to 12, 2021, are available at https://www.fintechfestival.sg.

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